Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 04/23/2025 $8.72 +$0.03 (+0.35%) Morningstar | Style Box L M E H M L Morningstar Rating Rated against 530 Intermediate Core-Plus Bond funds as of 03/31/2025 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 09/29/2017 to 03/31/2025 = $10,832.45 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end, please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks to provide income and capital growth by investing primarily in a diversified portfolio of fixed-income securities across investment-grade, high-yield and non-traditional fixed-income asset classes. Why Consider Provides investors with exposure to a diversified portfolio of fixed income securities The Fund employs a disciplined, team-based approach, seeking to add consistent value through management of duration, yield curve and credit risk The investment strategy utilizes a long-established process of macro driven duration management, yield-curve positioning and credit allocation with the ability to tactically allocate up to 30% of the portfolio in high yield bonds and other fixed income asset classes as opportunities arise Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style AMG Beutel Goodman Core Plus Bond Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective AMG Beutel Goodman Core Plus Bond Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 03/31/2025 Overall Rating (of 530) 3 Years (of 530) 5 Years (of 478) 10 Years — Category Intermediate Core-Plus Bond Read Important Investment Disclosures Derek Brown, MBA, CFA SENIOR VICE PRESIDENT, CO-HEAD OF FIXED INCOME Derek joined Beutel Goodman in 2016 and has over 15 years of investment experience. He is a portfolio manager and co-lead of the fixed income team. His strategic responsibilities include portfolio duration, positioning, and risk exposure management. Prior to joining Beutel Goodman, Derek worked at Fiera Capital where he was a fixed income portfolio manager. Derek is a graduate of Concordia University and McGill University and a CFA charterholder. Sue McNamara, CFA SENIOR VICE PRESIDENT, FIXED INCOME Sue joined Beutel Goodman in 2006 and has over 25 years of investment experience. She is a portfolio manager and strategist with additional responsibilities for credit analysis and product design. In addition, she leads the fixed income team’s responsible investing efforts. Prior to joining Beutel Goodman, Sue worked as a research analyst for several of the large brokerage houses, most recently BMO Nesbitt Burns. Sue is a graduate of the University of Western Ontario and a CFA charterholder. Neil McCabe, MBA, CFA VICE PRESIDENT, FIXED INCOME Neil joined Beutel Goodman in 2019 as a credit analyst to lead the firm's high yield initiative. Prior to joining the firm he gained extensive investment experience, most recently as a portfolio manager for Fiera Capital. Neil is a graduate of McMaster University and IESE Business School and is a CFA charterholder. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end, please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the Fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 0.55% Net Expense Ratio: 0.43% Expense Cap Expiration Date: 03/01/2026 The Fund’s Investment Manager has contractually agreed, through 03/01/2026, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Mar 27, 2025 $0.033400 $0.033400 — — Feb 26, 2025 $0.032600 $0.032600 — — Jan 29, 2025 $0.033000 $0.033000 — — Dec 16, 2024 $0.033600 $0.033600 — — Nov 26, 2024 $0.032000 $0.032000 — — Oct 29, 2024 $0.032400 $0.032400 — — Sep 26, 2024 $0.033900 $0.033900 — — Aug 28, 2024 $0.033700 $0.033700 — — Jul 29, 2024 $0.033900 $0.033900 — — Jun 26, 2024 $0.033100 $0.033100 — — May 29, 2024 $0.034800 $0.034800 — — Apr 26, 2024 $0.033200 $0.033200 — — Mar 26, 2024 $0.033100 $0.033100 — — Feb 27, 2024 $0.031000 $0.031000 — — Jan 29, 2024 $0.033000 $0.033000 — — Dec 14, 2023 $0.037000 $0.037000 — — Nov 28, 2023 $0.033500 $0.033500 — — Oct 27, 2023 $0.029100 $0.029100 — — Sep 27, 2023 $0.029500 $0.029500 — — Aug 29, 2023 $0.030800 $0.030800 — — Jul 27, 2023 $0.028200 $0.028200 — — Jun 28, 2023 $0.029900 $0.029900 — — May 26, 2023 $0.030000 $0.030000 — — Apr 26, 2023 $0.030000 $0.030000 — — Mar 29, 2023 $0.031800 $0.031800 — — Feb 24, 2023 $0.028200 $0.028200 — — Jan 27, 2023 $0.026800 $0.026800 — — Dec 15, 2022 $0.047900 $0.047900 — — Nov 28, 2022 $0.037700 $0.037700 — — Oct 27, 2022 $0.035000 $0.035000 — — Sep 28, 2022 $0.028000 $0.028000 — — Aug 29, 2022 $0.025300 $0.025300 — — Jul 27, 2022 $0.029600 $0.029600 — — Jun 28, 2022 $0.026500 $0.026500 — — May 26, 2022 $0.026100 $0.026100 — — Apr 27, 2022 $0.025300 $0.025300 — — Mar 29, 2022 $0.024600 $0.024600 — — Feb 24, 2022 $0.023600 $0.023600 — — Jan 27, 2022 $0.023000 $0.023000 — — Dec 15, 2021 $0.024900 $0.024900 — — Nov 26, 2021 $0.028100 $0.028100 — — Oct 27, 2021 $0.025800 $0.025800 — — Sep 28, 2021 $0.023200 $0.023200 — — Aug 27, 2021 $0.021700 $0.021700 — — Jul 28, 2021 $0.021600 $0.021600 — — Jun 28, 2021 $0.021100 $0.021100 — — May 26, 2021 $0.020800 $0.020800 — — Apr 28, 2021 $0.024000 $0.024000 — — Mar 29, 2021 $0.023000 $0.023000 — — Feb 24, 2021 $0.021400 $0.021400 — — Jan 27, 2021 $0.022900 $0.022900 — — Dec 16, 2020 $0.051300 $0.051300 — — Nov 25, 2020 $0.032200 $0.032200 — — Oct 28, 2020 $0.025400 $0.025400 — — Sep 28, 2020 $0.024000 $0.024000 — — Aug 27, 2020 $0.022400 $0.022400 — — Jul 29, 2020 $0.022100 $0.022100 — — Jun 26, 2020 $0.025800 $0.025800 — — May 27, 2020 $0.019700 $0.019700 — — Apr 28, 2020 $0.034000 $0.034000 — — Mar 27, 2020 $0.036000 $0.036000 — — Feb 26, 2020 $0.026200 $0.026200 — — Jan 29, 2020 $0.027300 $0.027300 — — Dec 16, 2019 $0.031000 $0.031000 — — Nov 26, 2019 $0.036500 $0.036500 — — Oct 29, 2019 $0.035800 $0.035800 — — Sep 26, 2019 $0.030500 $0.030500 — — Aug 28, 2019 $0.030500 $0.030500 — — Jul 29, 2019 $0.033500 $0.033500 — — Jun 26, 2019 $0.032800 $0.032800 — — May 29, 2019 $0.031200 $0.031200 — — Apr 26, 2019 $0.032500 $0.032500 — — Mar 27, 2019 $0.034500 $0.034500 — — Feb 26, 2019 $0.027000 $0.027000 — — Jan 29, 2019 $0.029500 $0.029500 — — Dec 27, 2018 $0.043700 $0.043700 — — Nov 28, 2018 $0.035000 $0.035000 — — Oct 29, 2018 $0.028500 $0.028500 — — Sep 26, 2018 $0.035000 $0.035000 — — Aug 29, 2018 $0.035700 $0.035700 — — Jul 27, 2018 $0.035000 $0.035000 — — Jun 27, 2018 $0.027500 $0.027500 — — May 29, 2018 $0.027500 $0.027500 — — Apr 26, 2018 $0.026200 $0.026200 — — Mar 27, 2018 $0.027000 $0.027000 — — Feb 26, 2018 $0.025500 $0.025500 — — Jan 29, 2018 $0.025000 $0.025000 — — Dec 27, 2017 $0.024400 $0.024400 — — Nov 27, 2017 $0.027000 $0.027000 — — Oct 26, 2017 $0.027500 $0.027500 — — From: To: Risk & Return Statistics As of: 03/31/2025 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.25 1.44 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.72 6.62 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.54 -0.25 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 101.54 116.87 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 103.17 97.42 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.01 1.02 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 98.45 94.76 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 0.97 1.52 - View All Characteristics & Statistics All Characteristics & Statistics AMG Beutel Goodman Core Plus Bond Fund (ADZIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $36 Number of Holdings 75 13723 Average Effective Duration (years) 6.14 6.09 Average Modified Duration (years) 6.13 Convexity 0.74 0.52 Average Maturity (years) 8.42 8.38 Yield to Maturity 5.00% 4.60% Yield to Worst 4.91% 4.60% Current Yield 4.57% 3.79% SEC 30-Day Yield (%) 4.30% SEC 30-Day Yield (%) w/o fee 3.95% Average Coupon 4.49% 3.50% Average Price 95.54 92.3 Average Credit Quality AA AA2/AA3 Trailing 12-Months Portfolio Turnover 71.46% % Callable 33.87% % Non-US 15.19% Adjustable Coupon 11.59% Step Coupon 0.00% Zero Coupon 0.00% As of: 03/31/2025 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.25 1.44 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 7.72 6.62 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.54 -0.25 - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 101.54 116.87 - Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 103.17 97.42 - Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.01 1.02 - R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 98.45 94.76 - Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 0.97 1.52 - Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.26 0.93 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -4.10 -1.64 - Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -11.08 -17.40 - As of: 03/31/2025 Maturity Fund Less Than 2 Years 7.70% 2 to 5 Years 32.91% 5 to 10 Years 45.09% 10 to 15 Years 0.03% More Than 15 Years 14.12% NA 0.15% As of: 03/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 03/31/2025 United States Treasury Note/Bond Fixed 9.66% Fannie Mae Pool BL4420 Fixed 5.84% United States Treasury Note/Bond Fixed 5.32% Freddie Mac Pool SD8112 Fixed 4.93% United States Treasury Note/Bond Fixed 4.68% Freddie Mac Pool SD8231 Fixed 3.24% United States Treasury Note/Bond Fixed 3.09% Enbridge Inc Floating Perpetual 2.21% Freddie Mac Gold Pool G08658 Fixed 2.21% United States Treasury Note/Bond Fixed 1.98% % in Top 10 Holdings 43.16% View Holding Details Holding Details AMG Beutel Goodman Core Plus Bond Fund (ADZIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 4.63% Feb 2035 9.66% Fannie Mae Pool BL4420 Fixed 2.14% Oct 2029 5.84% United States Treasury Note/Bond Fixed 4.13% Nov 2029 5.32% Freddie Mac Pool SD8112 Fixed 1.5% Dec 2050 4.93% United States Treasury Note/Bond Fixed 1.88% Feb 2041 4.68% Freddie Mac Pool SD8231 Fixed 4.5% Jul 2052 3.24% United States Treasury Note/Bond Fixed 4.5% Nov 2054 3.09% Enbridge Inc Floating Perpetual - - 2.21% Freddie Mac Gold Pool G08658 Fixed 3% Aug 2045 2.21% United States Treasury Note/Bond Fixed 4.25% Feb 2054 1.98% % in Top 10 Holdings 43.16% As of: 03/31/2025 Download All Holdings (PDF) As of: 03/31/2025 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund United States Treasury Note/Bond Fixed 4.63% Feb 2035 U.S. Government B US USD 3,335,000 103.31 $3,445,472 9.66% Fannie Mae Pool BL4420 Fixed 2.14% Oct 2029 Mortgage-Backed Security B US USD 2,281,174 91.40 $2,085,077 5.84% United States Treasury Note/Bond Fixed 4.13% Nov 2029 U.S. Government B US USD 1,883,000 100.77 $1,897,564 5.32% Freddie Mac Pool SD8112 Fixed 1.50% Dec 2050 Mortgage-Backed Security B US USD 2,327,060 75.64 $1,760,126 4.93% United States Treasury Note/Bond Fixed 1.88% Feb 2041 U.S. Government B US USD 2,380,000 70.16 $1,669,719 4.68% Freddie Mac Pool SD8231 Fixed 4.50% Jul 2052 Mortgage-Backed Security B US USD 1,206,656 95.71 $1,154,862 3.24% United States Treasury Note/Bond Fixed 4.50% Nov 2054 U.S. Government B US USD 1,120,000 98.53 $1,103,550 3.09% Enbridge Inc Floating Perpetual Corporate B CA USD 750,000 105.31 $789,830 2.21% Freddie Mac Gold Pool G08658 Fixed 3.00% Aug 2045 Mortgage-Backed Security B US USD 885,215 89.04 $788,160 2.21% United States Treasury Note/Bond Fixed 4.25% Feb 2054 U.S. Government B US USD 749,000 94.22 $705,698 1.98% Bank of America Corp Floating Apr 2028 Corporate B US USD 700,000 99.59 $697,104 1.95% Mileage Plus Holdings LLC Fixed 6.50% Jun 2027 144A Corporate B US USD 646,500 100.43 $649,287 1.82% Freddie Mac Pool SD0035 Fixed 3.00% Apr 2047 Mortgage-Backed Security B US USD 727,653 88.80 $646,168 1.81% Freddie Mac Pool SD8104 Fixed 1.50% Nov 2050 Mortgage-Backed Security B US USD 803,381 75.73 $608,398 1.71% Freddie Mac Gold Pool G08653 Fixed 3.00% Jul 2045 Mortgage-Backed Security B US USD 667,415 89.04 $594,240 1.67% Freddie Mac Pool SD8342 Fixed 5.50% Jul 2053 Mortgage-Backed Security B US USD 578,531 100.08 $578,997 1.62% Morgan Stanley Floating Oct 2028 Corporate B US USD 525,000 103.99 $545,972 1.53% Goldman Sachs Group Inc Floating Apr 2035 Corporate B US USD 525,000 103.35 $542,583 1.52% JBS USA Holding Lux Sarl Fixed 6.75% Mar 2034 144A Corporate B LU USD 500,000 107.96 $539,782 1.51% United States Treasury Note/Bond Fixed 3.00% Aug 2052 U.S. Government B US USD 715,000 74.46 $532,424 1.49% Cheniere Energy Inc Fixed 5.65% Apr 2034 Corporate B US USD 500,000 101.16 $505,792 1.42% United States Treasury Note/Bond Fixed 4.25% Nov 2034 U.S. Government B US USD 460,000 100.30 $461,366 1.29% Suncor Energy Inc Fixed 7.15% Feb 2032 Corporate B CA USD 400,000 109.73 $438,905 1.23% United States Treasury Note/Bond Fixed 3.50% Sep 2029 U.S. Government B US USD 447,000 98.18 $438,881 1.23% United States Treasury Note/Bond Fixed 4.00% Feb 2030 U.S. Government B US USD 385,000 100.23 $385,872 1.08% Ginnie Mae Ii Pool MA9364 Fixed 6.50% Dec 2053 Mortgage-Backed Security B US USD 361,305 102.43 $370,067 1.04% Consolidated Edison Co of New York Inc Fixed 6.15% Nov 2052 Corporate B US USD 350,000 105.26 $368,394 1.03% Bank of Nova Scotia Floating Oct 2082 Corporate B CA USD 350,000 104.58 $366,017 1.03% American Airlines Inc Fixed 5.50% Apr 2026 144A Corporate B US USD 366,667 99.73 $365,664 1.02% TransAlta Corp Fixed 7.75% Nov 2029 Corporate B CA USD 350,000 103.84 $363,427 1.02% Toronto-Dominion Bank Floating Oct 2082 Corporate B CA USD 350,000 103.44 $362,042 1.01% GFL Environmental Inc Fixed 6.75% Jan 2031 144A Corporate B CA USD 350,000 103.08 $360,784 1.01% Air Lease Corp Fixed 5.85% Dec 2027 Corporate B US USD 350,000 102.97 $360,400 1.01% Charter Communications Operating LLC Fixed 6.15% Nov 2026 Corporate B US USD 350,000 102.03 $357,102 1.00% Delta Air Lines Inc Fixed 7.38% Jan 2026 Corporate B US USD 350,000 101.74 $356,103 1.00% Albertsons Cos Inc Fixed 6.50% Feb 2028 144A Corporate B US USD 350,000 101.40 $354,905 0.99% Synchrony Bank Fixed 5.40% Aug 2025 Corporate B US USD 350,000 100.14 $350,473 0.98% Bell Telephone Co of Canada or Bell Canada Floating Sep 2055 Corporate B CA USD 348,000 100.20 $348,689 0.98% Columbia Pipelines Holding Co LLC Fixed 5.68% Jan 2034 144A Corporate B US USD 350,000 99.60 $348,590 0.98% Delta Air Lines Inc Fixed 4.75% Oct 2028 144A Corporate B US USD 350,000 99.58 $348,545 0.98% Videotron Ltd Fixed 5.13% Apr 2027 144A Corporate B CA USD 348,000 99.80 $347,296 0.97% Rogers Communications Inc Fixed 5.30% Feb 2034 Corporate B CA USD 350,000 98.16 $343,569 0.96% Kroger Co Fixed 5.00% Sep 2034 Corporate B US USD 350,000 97.73 $342,042 0.96% Duke Energy Progress LLC Fixed 5.35% Mar 2053 Corporate B US USD 350,000 95.18 $333,118 0.93% Videotron Ltd Fixed 3.63% Jun 2029 144A Corporate B CA USD 348,000 94.34 $328,288 0.92% Fannie Mae Pool MA4209 Fixed 1.50% Dec 2050 Mortgage-Backed Security B US USD 389,171 75.73 $294,706 0.83% Fannie Mae Pool BL5484 Fixed 2.26% Jan 2030 Mortgage-Backed Security B US USD 300,000 91.01 $273,034 0.77% Fannie Mae Pool BL4421 Fixed 2.14% Oct 2029 Mortgage-Backed Security B US USD 297,544 91.40 $271,967 0.76% Bank of America Corp Floating Sep 2034 Corporate B US USD 250,000 104.36 $260,888 0.73% Freddie Mac Pool SD8238 Fixed 4.50% Aug 2052 Mortgage-Backed Security B US USD 250,027 95.69 $239,258 0.67% Fannie Mae Pool MA4701 Fixed 4.50% Aug 2052 Mortgage-Backed Security B US USD 248,788 95.82 $238,380 0.67% Freddie Mac Pool SD8245 Fixed 4.50% Sep 2052 Mortgage-Backed Security B US USD 237,106 95.82 $227,196 0.64% Canadian Pacific Railway Co Fixed 7.13% Oct 2031 Corporate B CA USD 200,000 111.84 $223,686 0.63% United States Treasury Note/Bond Fixed 3.50% Feb 2033 U.S. Government B US USD 225,000 95.79 $215,525 0.60% South Bow Canadian Infrastructure Holdings Ltd Floating Mar 2055 144A Corporate B CA USD 200,000 101.45 $202,891 0.57% Columbia Pipelines Operating Co LLC Fixed 6.54% Nov 2053 144A Corporate B US USD 175,000 104.95 $183,666 0.51% Federation des Caisses Desjardins du Quebec Fixed 5.25% Apr 2029 144A Corporate B CA USD 175,000 101.98 $178,467 0.50% Freddie Mac Gold Pool T65110 Fixed 3.50% Oct 2042 Mortgage-Backed Security B US USD 193,774 91.84 $177,955 0.50% Intact Financial Corp Fixed 5.46% Sep 2032 144A Corporate B CA USD 175,000 100.89 $176,565 0.49% Delta Air Lines Inc Fixed 7.00% May 2025 144A Corporate B US USD 175,000 100.13 $175,236 0.49% Ford Motor Credit Co LLC Fixed 5.30% Sep 2029 Corporate B US USD 175,000 96.94 $169,651 0.48% United States Treasury Note/Bond Fixed 2.75% Feb 2028 U.S. Government B US USD 155,000 96.94 $150,253 0.42% United States Treasury Note/Bond Fixed 2.75% May 2029 U.S. Government B US USD 70,000 95.51 $66,858 0.19% Fannie Mae Pool MA4918 Fixed 5.00% Feb 2053 Mortgage-Backed Security B US USD 63,776 98.24 $62,657 0.18% United States Treasury Note/Bond Fixed 4.13% Feb 2027 U.S. Government B US USD 62,000 100.38 $62,235 0.17% GSCG Trust 2019-600C Fixed 3.76% Sep 2034 144A Mortgage-Backed Security B US USD 862,000 6.02 $51,919 0.15% Vodafone Group PLC Fixed 7.88% Feb 2030 Corporate B GB USD 44,000 114.44 $50,355 0.14% Fannie Mae Pool FS2676 Fixed 3.00% Jun 2052 Mortgage-Backed Security B US USD 29,869 86.88 $25,949 0.07% Fannie Mae Pool AB5459 Fixed 4.00% Jun 2042 Mortgage-Backed Security B US USD 23,763 95.42 $22,673 0.06% Freddie Mac Gold Pool T60392 Fixed 4.00% Oct 2041 Mortgage-Backed Security B US USD 16,439 94.32 $15,505 0.04% Freddie Mac REMICS Floating Jan 2041 Mortgage-Backed Security B US USD 18,652 63.67 $11,876 0.03% Fannie Mae Pool AS4645 Fixed 3.00% Mar 2045 Mortgage-Backed Security B US USD 13,182 89.18 $11,756 0.03% Government National Mortgage Association Floating Mar 2034 Mortgage-Backed Security B US USD 5,782 100.24 $5,796 0.02% United States Treasury Note/Bond Fixed 1.88% Feb 2032 U.S. Government B US USD 400 86.84 $347 0.00% Freddie Mac REMICS Fixed 4.00% Mar 2042 Mortgage-Backed Security B US USD - 96.71 $0 0.00% Cash & Equivalents Cash C US USD - - $991,208 2.78% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 03/31/2025 View Allocation Details Allocation Details AMG Beutel Goodman Core Plus Bond Fund (ADZIX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 0.66% U.S. Treasury 20 31.21% 44.80% Sovereign Debt 30 0.00% 3.69% Corporate 60 36.54% 24.02% Investment Grade 70 32.93% 24.02% Non-Investment Grade & Not Rated 100 3.61% 0.00% Mortgage-Backed Security 130 29.48% 26.38% Asset-Backed Security 170 0.00% 0.45% Municipal Bond 180 0.00% 0.00% Other Bonds 190 0.00% 0.00% Interest Rate Futures 200 0.00% 0.00% Equity Futures 210 0.00% 0.00% Swaps, Caps, and Floors 220 0.00% 0.00% Preferred Stock 230 0.00% 0.00% Options 240 0.00% 0.00% Other Sectors 250 0.00% 0.00% Cash 270 2.78% As of: 03/31/2025 Credit 03/31/2025 Treasury 32.10% Agency 30.17% AAA 0.00% AA 4.24% A 5.71% BBB 23.92% BB 3.71% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.15% As of: 03/31/2025 Read Important Investment Disclosures About the Affiliate About Beutel Goodman Founded in 1967, Beutel, Goodman & Company Ltd. is an independent value-focused investment manager that serves institutional, private wealth, and retail clients. The firm’s equity strategies use bottom-up, fundamental research to invest in high-quality companies trading at discounts to their business value. Beutel Goodman takes a disciplined, team-based approach to fixed income, seeking to add value through management of duration, yield curve, and credit risk. Learn More About Beutel Goodman's Approach FOUNDED 1967 AMG AFFILIATE SINCE 2005 HEADQUARTERS Toronto, Canada Portfolio Managers Derek Brown, MBA, CFA SENIOR VICE PRESIDENT, CO-HEAD OF FIXED INCOME Read full bio Sue McNamara, CFA SENIOR VICE PRESIDENT, FIXED INCOME Read full bio Neil McCabe, MBA, CFA VICE PRESIDENT, FIXED INCOME Read full bio Investment Approach Investment Approach AMG Beutel Goodman Core Plus Bond Fund Beutel Goodman’s fixed income team has the experience and expertise to effectively interpret the yield curve and prevailing interest rate environment. Employing proprietary tools in a risk-focused process, their insights add value to the benchmark over an economic cycle. Beutel Goodman continually challenges the herd consensus and searches for opportunities where the market has mispriced risk and reward. Their fixed income team: Forecasts interest rates and assesses optimal duration and positioning of maturities on the yield curve Conducts rigorous independent credit research to identify high-quality corporate bonds that meet their strict investment criteria Considers risk before reward Looks beyond the numbers to consider how ESG factors may impact companies over the long term Related products Other Products From Beutel Goodman Beutel Goodman Global Equity Strategy View SMA Details Beutel Goodman International Equity Strategy View SMA Details Beutel Goodman U.S. Large Cap Value Equity Strategy View SMA Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS